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UTI plans VRS, to reward performing managers

Unit Trust of India chairman M Damodaran on Saturday said that the fund is planning to introduce a voluntary retirement scheme to reduce non-performing staff and offer incentives to performers.

"A voluntary retirement scheme will be offered to those who are not able to deliver while putting in place a variable component in the pay structure of fund managers, marketing staff and research team," Damodaran told a conference of NRI investors in Dubai.

He said UTI's move to reward performers within the organisation has been well accepted. Many fund managers, who had left UTI for better pastures, have now sent feelers to return to the country's biggest mutual fund.

"UTI will also bring in new faces in areas where it has no expertise," Damodaran said and added that people with vast experience in investment had been inducted into the board to begin with.

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